首次公开发行
内生性
公司治理
政治
业务
估价(财务)
会计
货币经济学
经济
财务
政治学
法学
计量经济学
作者
Dimitrios Gounopoulos,Khelifa Mazouz,Geoffrey Wood
标识
DOI:10.1016/j.jcorpfin.2021.101888
摘要
This study explores the effect of directors' political contributions on IPOs' valuation and firm survival. We find that individual contributions by directors bring significant benefits to the IPO firms. Specifically, we show that political contributions of board members, particularly those of CEOs and founders, increase the IPO premium and the survivability of IPO firms. We find that the relationship between directors' political contributions and IPO premium is particularly strong among non-venture-backed firms, while the link between directors' political contributions and firm survival is more pronounced for venture-backed firms with strong corporate governance. Our findings are robust to endogeneity concerns and to alternative measures of political donations and IPO performance. Our results confirm the relevance of signaling and resource dependence theories.
科研通智能强力驱动
Strongly Powered by AbleSci AI